490.362 Dividend; declaration; payment; rate; amount.
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/mi/chapter-490/490-362A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
490.362 Dividend; declaration; payment; rate; amount.
Sec. 362.
A credit union board may declare and pay a dividend on shares from current or accumulated net earnings, or both, but only after providing for required reserves, accrued and unpaid expenses, and established loan and lease losses. A domestic credit union may pay a dividend on partial or full shares and may pay the dividend at differing levels and at differing intervals based on the type of share accounts owned by a member, the liquidation priority of the share accounts, and the balances of the member's share accounts.
A domestic credit union may determine the rate and amount of a dividend before the end of the dividend period involved. A domestic credit union shall not pay a dividend if payment would result in the insolvency of the domestic credit union.
History: 2003, Act 215 , Eff. June 1, 2004